Navitas Semiconductor (NASDAQ:NVTS) Sees Large Volume Increase

Shares of Navitas Semiconductor Co. (NASDAQ:NVTS - Get Free Report) saw strong trading volume on Wednesday . 1,405,607 shares were traded during mid-day trading, a decline of 49% from the previous session's volume of 2,760,636 shares.The stock last traded at $5.02 and had previously closed at $4.54.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $10.00 price target on shares of Navitas Semiconductor in a research note on Friday, June 7th. Robert W. Baird decreased their price target on shares of Navitas Semiconductor from $12.00 to $7.00 and set an "outperform" rating for the company in a research note on Friday, May 10th. Needham & Company LLC decreased their price target on shares of Navitas Semiconductor from $9.00 to $7.00 and set a "buy" rating for the company in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Navitas Semiconductor from $9.00 to $7.00 and set a "buy" rating for the company in a research note on Friday, May 10th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $4.00 price target (down from $10.00) on shares of Navitas Semiconductor in a research note on Monday, May 13th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.41.

Navitas Semiconductor Trading Up 6.8 %

The firm has a market capitalization of $888.04 million, a P/E ratio of -9.51 and a beta of 2.44. The business's 50 day simple moving average is $4.18 and its two-hundred day simple moving average is $5.60.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.02). The company had revenue of $23.18 million for the quarter, compared to analysts' expectations of $23.15 million. Navitas Semiconductor had a negative net margin of 97.75% and a negative return on equity of 21.22%. Analysts predict that Navitas Semiconductor Co. will post -0.53 EPS for the current fiscal year.

Insider Activity

In other news, COO Daniel M. Kinzer sold 24,073 shares of the firm's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $4.80, for a total transaction of $115,550.40. Following the sale, the chief operating officer now owns 4,538,353 shares of the company's stock, valued at approximately $21,784,094.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Daniel M. Kinzer sold 24,073 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $4.80, for a total value of $115,550.40. Following the transaction, the chief operating officer now owns 4,538,353 shares of the company's stock, valued at $21,784,094.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ranbir Singh sold 10,925 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $4.80, for a total transaction of $52,440.00. Following the completion of the transaction, the executive vice president now directly owns 29,357 shares in the company, valued at approximately $140,913.60. The disclosure for this sale can be found here. Insiders have sold a total of 247,548 shares of company stock valued at $1,136,865 in the last 90 days. 31.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its holdings in Navitas Semiconductor by 241.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,043 shares of the company's stock valued at $57,000 after purchasing an additional 4,982 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Navitas Semiconductor by 72.5% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 13,200 shares of the company's stock valued at $63,000 after purchasing an additional 5,550 shares in the last quarter. SG Americas Securities LLC purchased a new position in Navitas Semiconductor during the first quarter valued at approximately $65,000. Atria Wealth Solutions Inc. purchased a new position in Navitas Semiconductor during the fourth quarter valued at approximately $81,000. Finally, ProShare Advisors LLC lifted its holdings in Navitas Semiconductor by 12.5% during the first quarter. ProShare Advisors LLC now owns 20,348 shares of the company's stock valued at $97,000 after purchasing an additional 2,258 shares in the last quarter. Hedge funds and other institutional investors own 46.14% of the company's stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.